An individual traveling on business may have standard travel insurance needs but they may also need specialist protection. A business trip is not like a regular holiday and it may be better to look at taking out corporate travel insurance to make sure that all bases are covered. This may also work out to be cheaper than adding benefits to a regular policy.
What is Business Trip Travel Insurance?
This kind of policy typically comes with the standard benefits of a regular travel insurance product with some added extras. These are designed to meet the needs of those that are traveling for business purposes.
So, for example, a business travel insurance policy may also include the following benefits:
- Protection for essential business tools and equipment such as samples, laptops and PDAs.
- Replacement business document costs in the event of loss, theft or damage.
- The costs of sending a replacement colleague on a trip/to a meeting if the insured party cannot travel for a reason allowed within policy terms.
- Additional protection for leisure equipment related to the business trip (i.e. golf clubs or sports equipment).
- Extra protection for business money that may be taken on the trip.
- Free access to business lounges and facilities when traveling.
- Protection for an individual or for a group of people.
- The facility to add partners/family to a policy for non business related trips.
The actual benefits given may vary from insurer to insurer. Some may offer specialist business policies; others may simply tack benefits on to a standard package and charge extra.
Is Annual Business Travel Insurance Better Than a Single Trip Corporate Trip Policy?
Some travel insurance companies will offer single or annual/multi-trip policies; others may only sell annual business trip insurance. Those that travel regularly for business may find it more cost effective to look at multi-trip options rather than paying for insurance every time they travel. Those that rarely take a business trip may be better off with a single trip option.
Things to Consider Before Taking Out Travel Insurance for a Business Trip
Getting additional business benefits may be a good thing to do but this shouldn’t be done at the cost of standard travel benefits. It may be worth checking out the base travel elements of any corporate trip insurance package before buying it. Finally, remember that the costs of travel protection vary widely in the sector and using insurance comparison sites to check out costs and deals can be a quick and easy way of keeping costs low.
Carol Finch - Carol Finch is the Topic Editor for Retirement Planning, Budgeting, E-Commerce & Technical/Business Writing on Suite101.
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